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Is Finra A State Actor? A Question That Exposes The Flaws Of The State Action Doctrine And Suggests A Way To Redeem It, Michael Deshmukh
Is Finra A State Actor? A Question That Exposes The Flaws Of The State Action Doctrine And Suggests A Way To Redeem It, Michael Deshmukh
Vanderbilt Law Review
For over seventy years, the National Association of Securities Dealers ("NASD") was the principal self-regulatory organization ("SRO") responsible for the regulation and oversight of the U.S. securities market.' In 2000, working with the Securities and Exchange Commission ("SEC") and the New York Stock Exchange ("NYSE"), the NASD initiated a joint investigation into twelve investment firms that were allegedly "spinning" initial public, offerings. This sort of regulatory interplay between the NASD and the NYSE governed the industry until 2008, when self-regulatory power was further consolidated by a merger between the NASD and the regulatory arm of the NYSE. The resulting organization, …
Municipal Securities Rulemaking Board: A New Concept Of Self-Regulation, Roswell C. Dikeman
Municipal Securities Rulemaking Board: A New Concept Of Self-Regulation, Roswell C. Dikeman
Vanderbilt Law Review
The municipal securities industry, an important segment of the national capital markets, directly affects both the quality of life and the pace of community development throughout the nation. Municipal securities, broadly defined to include all debt securities issued or guaranteed by the states and their political subdivisions,' are the vehicle by which states, their agencies, and local governments finance both long- and short-term debt requirements. In calendar 1975, for example, the municipal securities industry raised approximately 29.2 billion dollars in long-term issues. In 1973, 8,147 long- and short-term issues raised almost 48 billion dollars, or approximately one-quarter of all direct …